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Forex: USD/JPY moving lower again, eyeing Fed's Bullard

The USD/JPY is still trading lower on Thursday after regressing to 94.00 via spike post-FOMC meeting minutes yesterday. The market found its daily low at 92.80 that supported a bounce back above the 93.00 mark. Further retracement to 93.30 was seen ahead of US data and the NY opening, but the market is now moving lower again.

After yesterday’s unsettled market on the FOMC meeting minutes, today's Fed Bullard's speach 17:30 GMT must be the real focus of the day. "Yesterday’s minutes implied less unity among policy makers but certainly provided no clear bias on the policy outlook", wrote TD Securities analysts Shaun Osborne and Greg Moore. "The suggestion that policy may need to be “tapered” in response to changing circumstances (even though this was balanced by other FOMC members who warned against an early roll back of QE) was enough to unsettle an already uneasy market", they added.

“The market has currently sold off to the base of its 240 minute cloud at 93.17, this is starting to look exposed and failure here will trigger tests of the trend lines”, wrote Commerzbank analyst Karen Jones, pointing to 91.95 and 89.82.

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